| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 34 | 20.3x | 17.8x | Bottom tier | |
Growth | 51 | 23.9% | 7.1% | Around median | |
Quality | 39 | 7.4% | 4.5% | Bottom tier | |
Safety | 53 | 3.9x | 2.6x | Around median | |
Capital Return | 39 | 5.23% | 2.12% | Bottom tier | |
Momentum | 29 | -1.8% | 2.9% | Bottom tier | |
Sentiment | 87 | 3 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
National Health Investors, Inc. invests in senior housing through two main channels: a triple-net lease portfolio that generates contractual rental revenue, and the SHOP platform, which gives the company direct exposure to the properties' operating performance. In fiscal Q2 2026, cash rental income increased 2.8% year over year, while SHOP platform net operating income reached approximately $11 million, and platform investments increased 137% over the year to approximately $850 million, equivalent to 24% of the company's total.
In fiscal Q2 2026, revenue reached $121.3 million, compared with $115.1 million in fiscal Q1 2026, while net income was $55.7 million and earnings per share were $1.15. This equates to a calculated net income margin of approximately 45.9%, but it does not represent operating performance alone because the results included a $22 million gain from the sale of five properties for net proceeds of approximately $98.5 million; meanwhile, adjusted FFO per share declined 2.5% year over year to $1.19.
The business mix is increasingly dependent on SHOP, whose net operating income increased 188.5% year over year following the transition or acquisition of 27 properties. In contrast, the triple-net lease portfolio remains a stable base, with full collection of contractual rent, while EBITDARM coverage improved to 1.62 for senior housing and 2.66 for skilled nursing facilities during the twelve months ended March 31, 2026.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Neutral, with an average price target of $81.75 within a relatively narrow range of $80 to $86; the average is approximately 10.5% below the 52-week range high of $91.38 and approximately 20.3% above its low of $67.94. The absence of a published P/E ratio in the provided data, together with the latest net income's dependence on gains from property sales, makes adjusted FFO, FAD growth, and the reinvestment of NHC proceeds more appropriate indicators for assessing valuation than accounting earnings per share alone.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Growth is centered on expanding the SHOP platform and acquiring private-pay senior housing. NHI's investments since the beginning of fiscal 2026 reached approximately $237.2 million at an average yield of 7.7%, including more than $212 million in SHOP. It also has signed letters of intent totaling approximately $127.3 million and additional transactions under evaluation totaling approximately $420 million, excluding several large portfolios.
Revenue was $121.3 million, net income was $55.7 million, and earnings per share were $1.15. Earnings per share increased 45.6% year over year, but the increase benefited substantially from a $22 million gain on property sales. NAREIT FFO per share was flat at $1.19, while adjusted FFO per share declined 2.5% and FAD increased 5.8% to $61.6 million.
NHI completed the sale on July 1, 2026, for $560 million in cash and expects to recognize a gain of approximately $541.6 million in fiscal Q3 2026. The company used approximately $221 million of the proceeds to complete purchases of replacement properties and retained approximately $334 million for tax-deferred reinvestment under Section 1031. Successfully redeploying the remaining amount into accretive assets is important for achieving the target of 5% or greater FAD growth and avoiding the need for a special distribution.
The picture was mixed in fiscal Q2 2026; total SHOP net operating income increased 188.5% year over year to $11 million due to the transition or acquisition of 27 properties. Net operating income from the comparable legacy Holiday properties increased 18.9% from fiscal Q1 2026 but remained down 6.3% year over year at $3.6 million. Achieving annual growth guidance of 1%–3% requires approximately 8%–9% growth in the second half of fiscal 2026.
The ratio of net debt to adjusted EBITDA was 4.1 times on June 30, 2026, within the target range of 3.5 to 4.5 times. Available liquidity on that date was approximately $792.4 million, consisting of $262 million of unused capacity under the revolving facility and $500 million available through the ATM program and cash. The company repaid a $125 million term loan during fiscal Q2 2026 and expects to repay a $100 million note by the end of fiscal 2026, with no other maturities until 2028.
The main operating risks are the 6.3% year-over-year decline in net operating income from the comparable legacy SHOP properties and the need for a strong occupancy improvement during the second half of fiscal 2026. The company also faces a 44% increase in general and administrative expenses and a 5.4% increase in interest expense, along with a 2.5% decline in adjusted FFO per share. In addition, intensified competition has reduced yields on higher-quality assets to approximately 6%–6.5%, making it more difficult to reinvest $334 million of the NHC proceeds at appropriately accretive returns.
